Start with a new Accounting/Financial year on wave

FazelFazel Member Posts: 1

I have a question hope wave's admin can help. How do I save the previous year and start with a new financial year on wave?

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  • MerlinAccounts_UKMerlinAccounts_UK Member Posts: 173 ✭✭✭

    @Fazel said:
    I have a question hope wave's admin can help. How do I save the previous year and start with a new financial year on wave?

    Wave doesn't do year ends but just rolls up the data, you then have to customise your reports by selecting the relevant date range you need to get the relevant annual totals.

    A work around you could consider if you required it would be to post year ending journals to zero your P&L nominal balances with the balancing entry going to your capital account, which is pretty much how most software packages process the year end, the difference being those are automated processes.

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